Foreign Portfolio Investors (FPIs) emerged as net buyers in Indian equities during the four-day trading week concluding on April 17, 2026, with a net infusion of ₹4,794.28 crore into Indian stocks, per data from the National Securities Depository Limited (NSDL). Trading was suspended on Tuesday, April 14, to observe Ambedkar Jayanti.
The week witnessed a notable shift in FPI sentiment. On April 13, FPIs recorded net purchases in equities amounting to ₹1,509.37 crore. However, this trend reversed on April 15, with FPIs turning net sellers, liquidating equities worth ₹1,435.44 crore. This reversal was short-lived, as FPIs returned to a buying stance on April 16, achieving the week’s highest single-day net equity inflow of ₹3,098.97 crore, followed by an additional ₹1,621.38 crore on April 17.
Across all asset classes—spanning equity, debt, hybrid, and mutual funds—FPIs documented a cumulative net inflow of ₹3,717.44 crore for the week, as per NSDL data. This influx stands in stark contrast to the broader monthly trend, which has been predominantly negative. Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Investments, noted, “FPIs continued selling in April, bringing the total sell figure for the month through April 17 to ₹44,929 crore,” adding, “the total FPI selling in 2026 now stands at ₹1,86,070 crore.”
Rupee Hopes and Macro Triggers
Despite the prevailing monthly outflow trend, the recent reversal in equity flows suggests a potential turning point. Vijayakumar attributed this trend to currency dynamics, stating, “RBI’s strong action curbing excessive speculative activity in the currency markets has reversed the trend of sustained rupee depreciation,” leading FPIs to make marginal purchases in the last three trading days.
Geopolitical developments in West Asia also played a crucial role in shaping FPI behavior throughout the week. Himanshu Srivastava, Principal Research at Morningstar Investment Research India, indicated that the easing of geopolitical tensions following a ceasefire announcement influenced investor sentiment, alongside a drop in crude oil prices that alleviated inflationary concerns and the risk of delayed global rate cuts.
On the debt front, FPI flows showed mixed results. FPIs primarily sold in the Debt-General Limit and Debt-VRR across most sessions, but the Debt-FAR category saw net buying on April 13 (₹410.20 crore) and April 17 (₹1,657.28 crore), partially countering outflows recorded on April 15 and April 16.
What Lies Ahead?
Looking forward, analysts anticipate that FPI flows will remain sensitive to global indicators, especially regarding the US-Iran nuclear negotiations and West Asian geopolitical dynamics. Shrikant Chouhan, Head of Equity Research at Kotak Securities, stated, “global equity markets are trading predominantly based on news surrounding the West Asian conflict,” cautioning that “volatility in FPI flows is expected.” Pabitro Mukherjee, Associate Vice President-Research at Bajaj Broking, added that “developments in US–Iran negotiations are especially significant due to their potential impact on geopolitical stability and the global energy market.”
Domestically, Srivastava pointed out that the recent market correction has led to “more reasonable valuations,” which is prompting selective buying interest, while Vijayakumar emphasized that “strong flows into mutual funds and resilience in Systematic Investment Plan (SIP) inflows will help support the market.”
Published on April 18, 2026
